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3 Dec 2014
USD/JPY retreats from highs
FXStreet (Edinburgh) - The greenback is now correction lower vs. the Japanese currency, sending USD/JPY back to the 119.20 neighbourhood after posting multi-year highs beyond 119.40.
USD/JPY eyes on US docket
The upside pressure around the US dollar remains unchanged on Wednesday, with spot keeping the trade above the 119.00 mark despite the ongoing knee-jerk from earlier peaks. The bid tone surrounding the USD continues to be the main driver behind the pair’s upside, with markets’ focus today shifting to the US data releases: ISM Non Manufacturing, the ADP report and the Fed’s Beige Book. In Japan, portfolio figures are due at the very beginning of the Asian session on Thursday ahead of Leading Economic index and the Coincident Index. Dmytro Bondar, Technical Analyst at RBS, suggested, “the long-term view is still USD-favourable towards 121.00 and above, hence we are waiting for a correction towards 114.30/40 to re-load the long USD/JPY trade.
USD/JPY relevant levels
As of writing the pair is up 0.01% at 119.25 and a breakout of 119.44 (2014 high Dec.3) ahead of 119.77 (high Aug.9 2007) and then 119.84 (high Aug.8 2007). On the flip side, the immediate support aligns at 119.13 (low Dec.3) ahead of 118.38 (low Dec.2) and finally 117.86 (low Dec.1).
USD/JPY eyes on US docket
The upside pressure around the US dollar remains unchanged on Wednesday, with spot keeping the trade above the 119.00 mark despite the ongoing knee-jerk from earlier peaks. The bid tone surrounding the USD continues to be the main driver behind the pair’s upside, with markets’ focus today shifting to the US data releases: ISM Non Manufacturing, the ADP report and the Fed’s Beige Book. In Japan, portfolio figures are due at the very beginning of the Asian session on Thursday ahead of Leading Economic index and the Coincident Index. Dmytro Bondar, Technical Analyst at RBS, suggested, “the long-term view is still USD-favourable towards 121.00 and above, hence we are waiting for a correction towards 114.30/40 to re-load the long USD/JPY trade.
USD/JPY relevant levels
As of writing the pair is up 0.01% at 119.25 and a breakout of 119.44 (2014 high Dec.3) ahead of 119.77 (high Aug.9 2007) and then 119.84 (high Aug.8 2007). On the flip side, the immediate support aligns at 119.13 (low Dec.3) ahead of 118.38 (low Dec.2) and finally 117.86 (low Dec.1).